EXTERNAL EVALUATION REPORT SCHOOL OF ECONOMICS, BUSINESS ADMINISTRATION & LEGAL STUDIES INTERNATIONAL HELLENIC UNIVERSITY

1 EΛΛΗΝΙΚΗ ΔΗΜΟΚΡΑΤΙΑ Α.Δ Ι.Π. ΑΡΧΗ ΔΙΑΣΦΑΛΙΣΗΣ ΚΑΙ ΠΙΣΤΟΠΟΙΗΣΗΣ ΤΗΣ ΠΟΙΟΤΗΤΑΣ ΣΤΗΝ ΑΝΩΤΑΤΗΕΚΠΑΙΔΕΥΣΗ HELLENIC REPUBLIC H.Q.A. HELLENIC QUALITY ASSURANCE AND ACCREDITATION AGENCY EXTERNAL EVALUATION REPORT SCHOOL OF ECONOMICS, BUSINESS ADMINISTRATION & LEGAL STUDIES INTERNATIONAL HELLENIC UNIVERSITY FEBRUARY 14 th 2014

2 TABLE OF CONTENTS The External Evaluation Committee Introduction I. The External Evaluation Procedure Brief account of documents examined, of the Site Visit, meetings and facilities visited. II. The Internal Evaluation Procedure Α. Curriculum Comments on the quality and completeness of the documentation provided and on the overall acceptance of and participation in the Quality Assurance procedures by the School. APPROACH Goals and objectives of the Curriculum, structure and content, intended learning outcomes. IMPLEMENTATION Rationality, functionality, effectiveness of the Curriculum. RESULTS Maximizing success and dealing with potential inhibiting factors. IMPROVEMENT Planned improvements. B. Teaching APPROACH: Pedagogic policy and methodology, means and resources. IMPLEMENTATION Quality and evaluation of teaching procedures, teaching materials and resources, mobility. RESULTS Efficacy of teaching, understanding of positive or negative results. IMPROVEMENT Proposed methods for improvement. C. Research APPROACH Research policy and main objectives. IMPLEMENTATION Research promotion and assessment, quality of support and infrastructure. RESULTS Research projects and collaborations, scientific publications and applied results. IMPROVEMENT Proposed initiatives aiming at improvement.

3 D. All Other Services APPROACH Quality and effectiveness of services provided by the School. IMPLEMENTATION Organization and infrastructure of the School s administration (e.g. secretariat of the School). RESULTS Adequateness and functionality of administrative and other services. IMPROVEMENTS Proposed initiatives aiming at improvement. Collaboration with social, cultural and production organizations E. Strategic Planning, Perspectives for Improvement and Dealing with Potential Inhibiting Factors Short-, medium- and long-term goals and plans of action proposed by the School. F. Final Conclusions and recommendations of the EEC on: The development and present situation of the School, good practices and weaknesses identified through the External Evaluation process, recommendations for improvement. N.B. The structure of the Template proposed for the External Evaluation Report mirrors the requirements of Law 3374/2005 and corresponds overall to the structure of the Internal Evaluation Report submitted by the School. The length of text in each box is free. Questions included in each box are not exclusive nor should they always be answered separately; they are meant to provide a general outline of matters that should be addressed by the Committee when formulating its comments.

4 EXTERNAL EVALUATION COMMITTEE The Committee responsible for the External Evaluation of the School of Economics, Business Administration & Legal Studies of the International Hellenic University consisted of the following five (5) expert evaluators drawn from the Registry constituted by the HQAA in accordance with Law 3374/2005: 1. Evangelos Dedousis, Associate Professor, American University in Dubai Coordinator 2. Elias Dinenis Professor, European Institute, London School of Economics and Political Science, UK 3. Athanasios Hadjimanolis, Professor, European University Cyprus 4. Demetris Vrontis, Professor, University of Nicosia, Cyprus 5. Vasilios Gargalas, Associate Professor, City University of New York

5 EXECUTIVE SUMMARY The School of Economics, Business Administration & Legal Studies of the International Hellenic University has much to be recommended for and the potential to become a centre of graduate education in the Balkan region and beyond. The Committee s recommendations are designed to help the School achieve its potential. The Committee s main findings are: University Campus The Campus provides a welcoming atmosphere. Buildings are very clean, tidy, and well maintained. Programs of Study The programmes of the School are well organized and delivered. Faculty The School has two permanent full time faculty and eleven full-time faculty who are employed on annual contracts. Uncertainty about employment may lead some of the latter to leave the School. Additional full-time faculty resources are critical for the viability and growth of the School. Research Research by faculty has been published in high quality international journals. The research culture is individually based and self-organized; more collaboration and structuring of research groups will enhance the research visibility and foster a critical mass for research specializations and programmes. The PhD programme needs to be structured and developed in tandem with a research strategy. Administrative/Support Services The School administrative and support services are well organized to effectively meet the needs of the student population. Commitment and efforts of the staff of the administrative/support services are much appreciated by students and faculty. Quality Assurance Processes The School has complete and consistent quality assurance procedures comparable to the best international institutions. Strategic Planning The School plans to develop new programmes and to further strengthen links with industry.

6 INTRODUCTION 1 The External Evaluation Procedure Dates and brief account of the site visit. The External Evaluation Committee (Committee) visited the School of Economics, Business Administration & Legal Studies at the Hellenic International University between the 24th and the 26th of February 2014. On Monday 24 th February 2014, the Committee visited the Hellenic International University and had meetings with the President of the Governing Board of the University, Professor Costas Grammenos, the Vice President Professor Nicolas Moussiopoulos, other members of the Governing Board, the Dean, external and internal faculty of the School and the administrative and support staff of the School and the University. During the meetings faculty made short presentations of the programmes under review. The presentations, attended by the Dean of the School and the Academic Coordinator, focused on programme aim, scope, and structure, educational methodology and material used for attaining the prescribed learning outcomes. Presentation of each program was followed by discussion with faculty. Presentations were also made of the support and administrative services by the relevant members of staff. Whom did the Committee meet? In addition to meeting Professor Grammenos and Professor Moussiopoulos, the Committee met with the following people on Monday, 24 February: - Dean of the School, Associate Professor Dr Daniel Giamouridis - Dr Christos Grose, presentation Services - Dr Stergios Leventis, presentation EMBA - Dr Apostolos Dasilas, presentation MSc Banking and Finance - Dr Korina Katsaliaki, presentation MSc Management - Associate Professor Dr Demetrios Vlaxos, presentation research at IHU - Mr Yannis Konstas, presentation on economic sustainability - Professor Eftichios Sartzetakis, Dr Komninos Komnios, Ms Stavroula Angoura, Dr Fragiskos Achontakis, Dr Dimitris Tzetzis, Dr Charisios

7 Achillas, Dr Giorgos Banias, Dr Foivos Anastasiadis, Ms Angeliki Xalkia, Mr. Giorgos Litos, Dr Lida Kyrgidou, Dr Vassiliki Grougiou. On Tuesday, 25 February, 2014 the Committee met with: - Dean of the School, Associate Professor Dr Daniel Giamouridis - Ms Aristea Gkontra, presentation IAU - Ms Georgia Roidouli, presentation Library Resources - Mr Theodoros Sarikoudis, presentation IT - Ms Eleni Karaiskou and Ms Kleopatra Tzachili, presentation Career Office - Dr Lida Kyrgidou, presentation Unit of Innovation and Entrepreneurship - Ms Katerina Gratziou and Ms Thomais Grimpizi, presentation Special Account for Research at IUH - Dr Korina Katsaliaki, Dr Christos Grose. Dr Vassiliki Grougiou, Dr Apostolos Dasilas, Dr Christos Alexakis, Dr Kyriaki Kosmidou, Dr Vangelis Souitaris, Dr Eleftherios Iakovou, Dr Stergios Leventis, Ms Chrysa Papazoglou. The Committee also met with two Ph.D. students, Mr. Antonis Chantziaras and Ms Kleopatra Koulikidou, as well as with 18 representatives of postgraduate students and alumni. On Wednesday, 26 February 2014, the Committee met with: - Dean of the School, Associate Professor Dr Daniel Giamouridis - Professor Athanassios Kaissis, and Dr Komninos Komnios, presentation LLM Transnational and European Commercial Law and Alternative Dispute Resolution - Professor Nicolas Moussiopoulos presentation MSc Sustainable Development and Msc Strategic Product Design - Mr Yannis Konstas, Dr Eftichios Sartzetakis, Dr Christos Grose, Dr Komninos Komnios, Ms Stavroula Angoura, Dr Apostolos Dasilas - The School Administrative team On 27 and 28 February, a draft of the evaluation report was compiled, taking into account additional needed documents, as these were identified, requested, collected and evaluated. List of Reports, documents, other data examined by the Committee. The Committee examined the following documents: - The School Internal Evaluation Report

8 - The University Studies Guide - The evaluation record of the study programmes for a three-year period - Faculty CVs - Electronic copies of all the Study Programmes presentation material - Programmes Handbooks - Dissertation Handbooks - Samples of educational material, textbooks, instructors course notes, written assignments and final examination papers assessed, and Masters theses - The School and the University website The School provided significant data and useful information concerning its activities, procedures and practices. The Committee found the Internal Evaluation Report informative for the purpose of writing the report. The atmosphere during the visit was cordial and collegial, while remaining at a professional level. Faculty were friendly and helped the Committee in its work by answering questions, engaging in dialogue and providing relevant information and data. The Committee wishes to thank all members of the School and IHU for their eagerness to provide it with input, share their thoughts and plans about the School and for their kind hospitality. Groups of teaching and administrative staff and students interviewed Already mentioned above under specific dates. Facilities visited by the External Evaluation Committee The Committee visited almost all facilities on IHU s campus including the Library, computer laboratory, classrooms, faculty offices, and recreation facilities. 2. The Internal Evaluation Procedure Please comment on: Appropriateness of sources and documentation used Quality and completeness of evidence reviewed and provided To what extent have the objectives of the internal evaluation process been met by the Department? The Committee was presented with high quality and complete evidence related to programmes under review. The Committee is satisfied that the procedures

9 used to obtain data and other evidence as well as the sources and documentation used are comparable to that of schools of similar nature in good universities. Requests by the Committee for clarifications and additional documents were promptly met.

10 Α1. CURRICULUM: EXECUTIVE MBA APPROACH What are the goals and objectives of the Curriculum? What is the plan for achieving them? How were the objectives decided? Which factors were taken into account? Were they set against appropriate standards? Did the unit consult other stakeholders? Is the curriculum consistent with the objectives of the Curriculum and the requirements of the society? How was the curriculum decided? Were all constituents of the School, including students and other stakeholders, consulted? Has the unit set a procedure for the revision of the curriculum? What are the goals and objectives of the Curriculum? What is the plan for achieving them? The objectives of the programme are as follows: To develop knowledge and skills to students that address contemporary strategic issues and challenges of global markets To respond to needs of diverse career opportunities To enhance students understanding of the economic and socio-political issues that societies encounter. To provide teaching and research of the highest academic standard To create an international student and faculty community. To provide leadership in the region The Committee was informed that, since the EMBA programme was launched in 2008, the School has consistently strived to have the above objectives met through the periodic revision of the content of the programme, maintenance of high teaching and research quality and initiation and development of links with industry. How were the objectives decided? Which factors were taken into account? Were they set against appropriate standards? Did the unit consult other stakeholders? The objectives of the programme were decided by taking into account best international practice, as well as the needs of the Greek and the international labour market, in particular the needs of Southern European corporations for highly trained managers with an international outlook. Input from industry was sought for the design of the programme.

11 Is the curriculum consistent with the objectives of the Curriculum and the requirements of the society? In terms of content the curriculum is consistent with the stated objectives and provides in-depth knowledge. Students are required to successfully complete 120 ECTS as follows - 12 core courses worth 58 ECTS - 4 elective courses worth 16 ECTS. The electives are the same for all students in every intake cohort and are determined by student preference. - The integrating and Professional Skills Seminars worth 8 ECTS - The Field Trip Project worth 8 ECTS and - The Business Consultancy Project worth 30 ECTS With respect to relevance, efforts are continuously made to have the programme content aligned with the needs of the local and regional industry. In terms of the characteristics of the student intake, the programme attracts executives from Greece and the neighbouring Balkan countries with at least two years work experience and an average age of 35 years. How was the curriculum decided? Were all constituents of the School, including students and other stakeholders, consulted? The curriculum was initially designed by the University authorities to meet the objectives of the programme. The structure of the programme and the curriculum is decided by the School Assembly and reflects the consensus of its academic constituents. Evidence of industry input is provided indirectly through the interaction of the academic staff with practitioners. Students also contribute to changes through their membership of the staff-student liaison Committee, and indirectly through comments on individual courses and the Exit Questionnaire. The Committee would like to recommend the establishment of an Advisory Board, made up of industry/employer representatives and alumni. Having employers and its own graduates involved in the program will be beneficial to the School as it can receive feedback from important stakeholders about the necessary knowledge and skills needed by organizations that will employ its graduates in the future. Has the unit set a procedure for the revision of the curriculum? There is a formal procedure for updating programme content through the School Assembly. The process of programme updating is normally triggered by the annual evaluation of the programme, student feedback, exit questionnaires and market developments. Recent revisions included the increase in the number of teaching hours, the introduction of professional development and business

12 environment seminars, and the establishment of pre-sessional courses in accounting, finance and quantitative methods. IMPLEMENTATION How effectively is the School s goal implemented by the curriculum? How does the curriculum compare with appropriate, universally accepted standards for the specific area of study? Is the structure of the curriculum rational and clearly articulated? Is the curriculum coherent and functional? Is the material for each course appropriate and the time offered sufficient? Does the School have the necessary resources and appropriately qualified and trained staff to implement the curriculum? How effectively is the School s goal implemented by the curriculum? The programme curriculum does reflect the objectives of the programme since it contains a sufficient number of core and elective courses to ensure that students are exposed to the fundamental areas of management and acquire the requisite skills. The quality of faculty ensures that knowledge is imparted to students in a seamless way. How does the curriculum compare with appropriate, universally accepted standards for the specific area of study? The curriculum is consistent with corresponding executive international Executive Masters in Business Administration. The process of preparing for AMBA accreditation will make adherence to international standards even more evident. Is the structure of the curriculum rational and clearly articulated? The curriculum is rational in the sense that it progresses in a smooth and logical way from the foundation subjects to more advanced areas. Is the curriculum coherent and functional? The curriculum is coherent and functional and consistent with international standards. The programme starts with courses in the management of organizations, markets and economies then proceeds with management metric skills and the internal corporate environment and concludes with strategy and how organizations create value externally. The coherence and functionality is further strengthened by the operation of professional development, integrating seminars, field trip and business consultancy project. One concern of the Committee is the performance level of students in the more quantitative subjects of the programme, though this seems to be addressed

13 through the introduction of preparatory courses prior to the commencement of the programme. Is the material for each course appropriate and the time offered sufficient? The study material for each course is appropriate and consists of books, case studies, electronic material, business press and academic papers where relevant. A main textbook is offered free of charge before the course starts, together with the reading list, syllabus and other material. When the course is assessed by coursework, the coursework needs to be submitted within a month after the completion of the course. In cases the course is assessed by a written examination, the examination takes place within two months from the completion of the course. Does the School have the necessary resources and appropriately qualified and trained staff to implement the curriculum? The programme relies exclusively on visiting faculty to teach courses. This has the advantage of using the best available academics to teach in the programme something that the students greatly appreciated. It is doubtful, however, whether this practice is sustainable, or even desirable, in the long term as it does not allow the development of a coherent philosophy for the programme, continuity of approach and does not help the School develop much needed visibility that only permanent faculty can help provide. The Committee was impressed by the high calibre of the School s permanent and associate faculty as all of them have doctoral degrees and have published extensively in good quality journals in their respective fields. The Committee believes that faculty in the School are of comparable quality to colleagues in similar institutions in other countries. Finally, aspects of the curriculum implementation rely on the support services of the University such as IT and Library and these services are more than adequate. RESULTS How well is the implementation achieving the School s predefined goals and objectives? If not, why is it so? How is this problem dealt with? Does the School understand why and how it achieved or failed to achieve these results?

14 How well is the implementation achieving the School s predefined goals and objectives? To assess the implementation of the curriculum the Committee considered five aspects, namely: (a) suitability of the method of delivery, (b) graduation rate, (c) views of students, (d) employability and (e) international outlook. In terms of the suitability of the teaching method, the Committee has some reservations as to whether the objectives of the programme and the curriculum can be effectively implemented in the intensive long-weekend format of delivery. The impression given to the Committee was, that the compression of the entire learning activity into a long weekend, limited the teaching medium to lectures alone and did not allow a more participative and interactive learning process. In addition, the conduct of individual or group coursework in the absence of the physical presence of the instructor was deemed, by some students, to have imperilled their ability to develop independent research as well as communication and teamwork business skills. In terms of graduation rate, data contained in the Internal Evaluation Report show that about 88 percent of the intake graduate and this is within the normal range of comparable international programmes. Regarding how students view the programme as this is reflected in the student evaluation survey, it seems that students value the curriculum and the learning experience at the School. The average student evaluation score for instructors, standing at 4.2 out of 5, is quite high reflecting a high degree of satisfaction with the programme. With respect to employability most students agree that their employability has been enhanced. Finally, in terms of international outlook, this is achieved by employing international faculty and recruiting international students. The School is very successful in the former, but much less so in the latter. The Committee believes that more effort is required to achieve the stated goal of attracting international students though it is recognized that overcoming the negative perceptions with respect to economic and business conditions in Greece that are held abroad presents a major challenge. If not, why is it so? How is this problem dealt with? The School has identified certain areas of the curriculum that need to be improved in particular in relation to the more quantitative subjects and to increase the employability of graduates through a more targeted approach to

15 employers. In terms of the intensiveness of delivery, the School is considering making greater use of the resident staff to supplement the external instructors. Does the School understand why and how it achieved or failed to achieve these results? The School is aware of the various problems in the operation of the programme because it has effective monitoring procedures and mechanisms and is acting to resolve them. IMPROVEMENT Does the School know how the Curriculum should be improved? Which improvements does the School plan to introduce? Does the School know how the Curriculum should be improved? Faculty members presented several ideas of improving the Curriculum and the general learning experience of students. As a result of the AMBA accreditation process amendments to the curriculum will need to take place. Which improvements does the School plan to introduce? The School has already acted to solve a number of problems mentioned above. These include the increase in the number of taught hours and pre-sessional courses. Changes that the School considers making include supplementing the main lecture given by visiting faculty with tutorial support provided by the School s own permanent and associate academic faculty. In addition, greater use is planned of the e-leaning capabilities of the course management platform to supplement the weekend lectures with asynchronous or synchronous on line delivery of tutorials.

16 Α2. CURRICULUM: POSTGRADUATE PROGRAMME IN BANKING AND FINANCE APPROACH What are the goals and objectives of the Curriculum? What is the plan for achieving them? How were the objectives decided? Which factors were taken into account? Were they set against appropriate standards? Did the unit consult other stakeholders? Is the curriculum consistent with the objectives of the Curriculum and the requirements of the society? How was the curriculum decided? Were all constituents of the School, including students and other stakeholders, consulted? Has the unit set a procedure for the revision of the curriculum? What are the goals and objectives of the Curriculum? What is the plan for achieving them? The goals of the Masters Programme in Banking and Finance, launched in 2009, are to provide students: (a) with a thorough and comprehensive grasp of the principles and applications of key financial functions together with enduring technical and conceptual skills (b) with an appreciation of contemporary industry issues and challenges facing global financial institutions (c) with a thorough understanding of theory and practice in the areas of banking and finance (d) with a genuinely international multicultural perspective with a global focus and (e) with excellent opportunities for networking The programme runs on a full-time (12 months) and part-time basis (24 months) and the language of instruction is English. The programme admits around 23 students every year with 5% of the registered students coming from abroad. The acceptance rate is 50%. How were the objectives decided? Which factors were taken into account? Were they set against appropriate standards? Did the unit consult other stakeholders? The objectives were decided from the realisation that in today s market place, defined for the sake of the programme as the wider Balkan region, specialised expertise is essential, both for the development of the banking and financial services industry in the region and for a successful career in Banking and Finance for the graduates of the programme. The current configuration of the

17 degree reflects significant input from international experts, the industry and from the students themselves. Is the curriculum consistent with the objectives of the Curriculum and the requirements of the society? In terms of its content the curriculum of the programme consists of 8 compulsory courses of 6 ECTS each, 4 elective courses 1 of 3 ECTS each and a dissertation of 15 ECTS 2. For the completion of the programme a student needs to successfully complete 75 ECTS in total. If the programme is worth 75 ECTS, then a prerequisite for the acceptance on the programme should be that the candidate has completed an undergraduate course of study worth 240 ECTS. The current programme exposes students to all aspects of advanced Finance but less so of Banking. This is because only one of the 8 compulsory courses covers the field of Banking (Commercial and Investment Banking) while of the 19 elective courses only two are in the field of Banking (Banking Legal Management and Credit Analysis for Bank Loan Decision Making 3 ). The Committee was told that one of the compulsory finance courses (Financial Derivatives) will be replaced by one of the banking elective courses (Credit Analysis for Bank Loan Decision Making) and a new elective Bank Risk Management will be introduced. This will increase the core banking element but it will leave the same number of banking electives. The Committee was satisfied that the above-mentioned changes in the curriculum are evidence that the programme is undergoing a continuous revision of its content to ensure that changes in the market place are reflected in the programme and that it remains flexible in terms of delivery to accommodate part-time working students. Finally in terms of assessment, both the coursework and the written examination ensure the achievement of learning objectives whereas the Dissertation develops enduring research skills. Both the entrance criteria and the assessment methods are strict to ensure that graduates are ambassadors of a quality programme. The current curriculum is therefore consistent with the stated objectives and provides the advanced scientific background needed within the field of study. In addition, the programme allows students to develop practical expertise through 1 A student can replace two of the elective courses for a Consulting Project 2 The Student Handbook states that the Dissertation is worth 30 ECTS and the programmes as a whole 90 ECTS 3 This course is not included in the list of the electives for the programme in the Student Handbook 2012-13 that was given to the Committee. Was it introduced in 2013-14 for the first time?

18 the consulting project and to enhance their research capability through the Dissertation. How was the curriculum decided? Were all constituents of the School, including students and other stakeholders, consulted? The curriculum was designed to attain the fundamental objective of providing specialized knowledge to students in order to promote their career in a rapidly changing global market place. This is reflected in the advanced nature of courses that comprise the programme. The content of the programme is continuously updated to take into consideration trends in the financial sector, new market regulations and feedback from industry, visiting professors and students. Students are actively involved in the updating of module content through their comments and suggestions in the Student Staff Liaison Committees that meets every semester. Visiting Professors express their opinion and recommendations through the Academic Advisory Board that convenes once a year. During its meeting with students and alumni, the Committee was told that the programme is not fully addressing the needs of part-time students already working in the banking industry. In this connection it was pointed out that there is little coverage of banking strategy and operations; thus more banking-focused courses would be desirable. The Committee believes that a seminar type course in current banking issues would be extremely useful. Further, the advanced nature of the Financial Econometrics course was considered redundant by many students who suggested that the course could be replaced by a less demanding one. The more advanced features of the Financial Econometrics course could be included in an elective course for students wishing to make greater use of quantitative tools for research or further study on the PhD programme. Has the unit set a procedure for the revision of the curriculum? There is a formal procedure for updating programme content through the School Assembly on the basis of the various forms of feedback provided by staff, students, alumni and the industry. The School Assembly forwards any programme amendments to the University Governing Board which, in turn, submits request to the Ministry of Education for ratification in the case of major amendments. IMPLEMENTATION

19 How effectively is the School s goal implemented by the curriculum? How does the curriculum compare with appropriate, universally accepted standards for the specific area of study? Is the structure of the curriculum rational and clearly articulated? Is the curriculum coherent and functional? Is the material for each course appropriate and the time offered sufficient? Does the School have the necessary resources and appropriately qualified and trained staff to implement the curriculum? How effectively is the School s goal implemented by the curriculum? Effective implementation of the goals by the curriculum was evaluated in terms of curriculum content, programme delivery, student pass rates and student perceptions of the programme, student employability and international orientation. In terms of content and structure the programme endeavours to provide both depth and breadth and the learning process is organized in a pedagogically logical and efficient way. The objectives are implemented through the core courses, the elective courses, and hands-on training through the Consulting Project and financial databases. In terms of delivery and teaching methods, the course is delivered efficiently by allowing full-time and part-time streams to co-exist, and effective use of the electronic platform is made. The delivery of the programme and the relevance to the needs of the industry is borne out by the successful completion rates, and the high placement rate of its graduates. In terms of student perceptions of the programme, the overall perception, as evidenced by the course evaluation, the exit questionnaire and their comments in face-to face meetings with the Committee, was that of a high-quality programme. In terms of pass rates and completion rates, the effective implementation was reflected in the high completion rates, low failure rates in individual courses and low dropout rates. Finally in terms of employability, the programme graduates exhibit high employability rates as evidenced from the information collected from the University Career s office. The Consulting Project is a valuable aspect of the course because it gives students the opportunity to collaborate with the industry enhancing not only their practical training but also their job prospects.

20 In terms of international orientation, this is achieved primarily through the employment of international lecturers and less through the attraction of international students. However, students of the programme are encouraged to participate in international student competitions such as the CFA Global Investment Research Challenge. The Committee has no doubt that the curriculum provides the right framework for the effective implementation of the goals of the programme and the School as stated in the course specification. How does the curriculum compare with appropriate, universally accepted standards for the specific area of study? The curriculum covers all the elements of a postgraduate programme in Finance and is consistent in terms of coverage with degrees offered by good Universities abroad. However, the Banking component should be strengthened to address other non-financial aspects of the banking industry, such as Banking Strategy and marketing of financial services. Is the structure of the curriculum rational and clearly articulated? The structure of the degree in terms of sequencing is rational with the fundamental aspects covered early on and the more advanced aspects coming later on in the programme. The structure of the programme is clearly articulated in the Course Handbook. Is the curriculum coherent and functional? The curriculum is coherent and functional and facilitates the acquisition of the relevant knowledge and skills. Is the material for each course appropriate and the time offered sufficient? The teaching material for each course is at the appropriate level of difficulty, variety and relevance and is made available to students at the beginning of each programme course. The time allocated is generally sufficient for students to study, although it was pointed out by students that, in certain occasions, the time allocated was too short for the amount of coursework they had to do.

21 Does the School have the necessary resources and appropriately qualified and trained staff to implement the curriculum? The School has both the academic and supporting staff to deliver the programme, and the learning infrastructure including library resources, databases and dedicated laboratories is of the highest standards. More specifically, the programme is delivered by two appointed faculty members and 11 Academic Associates who are all well-trained and appropriately qualified experts in their field. Moreover, a number of visiting professors with renowned credentials and international outlook are invited to teach every year. The successful delivery of the lectures is efficiently supported by central IT resources such as the Electronic platform of the School (selected taught modules contain laboratory training as an integral part of the curriculum). Specialised personnel assist students in using IT services offered. The well-established infrastructure and excellent learning facilities at the disposal of the students include state-of-the art labs that are accessible 24h/7 days a week, a modern library having the latest available editions for students to borrow, and financial databases some of which are accessible from home through VPN. Finally, the programme is supported by a dedicated team of highly efficient administrative staff and is managed by highly experienced academics, who are striving to produce a learning environment unique for state universities in Greece. RESULTS How well is the implementation achieving the School s predefined goals and objectives? If not, why is it so? How is this problem dealt with? Does the School understand why and how it achieved or failed to achieve these results? How well is the implementation achieving the School s predefined goals and objectives? The School runs a first class postgraduate programme which implements its goals and objectives seamlessly. There are two points that the Committee wishes to note. One, is the relatively small number of Banking electives. The second point, brought up by students, is the occasional compression of an entire

22 course to just one week in order to accommodate visiting professors. This created problems for part-time working students of the programme. If not, why is it so? How is this problem dealt with? The Committee has not identified any major issues relating to the effective implementation of the objectives of the programme apart from the two points noted above. The School has assured the Committee that is making an effort to increase the number of banking electives and is also using more of its associate staff to teach part of a course. Does the School understand why and how it achieved or failed to achieve these results? The School is fully aware of the problems and the solutions. However, it is hampered by the lack of freedom to employ more permanent staff that would have resolved the problems referred to above. IMPROVEMENT Does the School know how the Curriculum should be improved? Which improvements does the School plan to introduce? Does the School know how the Curriculum should be improved? The Programme Director and faculty understand that the programme needs to be both relevant and rigorous and, to this end, the curriculum is evaluated on a continuous basis. Monitoring mechanisms including student evaluations, exit questionnaires, staff-student liaison committee meetings are in place ensuring that problems, when they arise, are resolved expeditiously. Which improvements does the School plan to introduce? A strategic goal of the University is to further strengthen its ties with stakeholders and the wider community. In this respect the Governing Board has decided to establish an Advisory Board consisting of high-profile members of the business community who will be able to share their knowledge and expertise thus helping the University to achieve its long-term objectives.

23 A3. CURRICULUM POSTGRADUATE PROGRAMM IN MANAGEMENT APPROACH What are the goals and objectives of the Curriculum? What is the plan for achieving them? How were the objectives decided? Which factors were taken into account? Were they set against appropriate standards? Did the unit consult other stakeholders? Is the curriculum consistent with the objectives of the Curriculum and the requirements of the society? How was the curriculum decided? Were all constituents of the School, including students and other stakeholders, consulted? Has the unit set a procedure for the revision of the curriculum? What are the goals and objectives of the Curriculum? What is the plan for achieving them? The goals of the Masters Programme in Management which was launched in 2009 are to provide students with: (a) an optimal combination of theory and practical hands-on approach to Management through a variety of teaching methods, technologies and environments (b) highly flexible qualification suitable for a wide range of career openings in many sectors, and (c) a focus on strategic issues across various industry sectors The programme runs on a full-time (12 months) and part-time basis (24 months) and the language of instruction is English. The programme admits around 26 students a year with 5% of them coming from abroad. The current enrolment stands at 58 students while 92 students have graduated since the programme was established. The acceptance rate is 50%. How were the objectives decided? Which factors were taken into account? Were they set against appropriate standards? Did the unit consult other stakeholders? The establishment of the programme was a reflection of the strategic choice of the University Governing Board to cater for the needs of economic development in the wider Balkans region. The specific objectives of the programme were decided as the result of detailed market analysis of the growing industry needs in Greece and the wider Balkan region for young and well-trained managers, imbued with the latest knowledge in management and business, equipped with business skills and prepared for successful careers in a global setting. The programme curriculum reflects significant input from academic faculty, industry and from students themselves.

24 Is the curriculum consistent with the objectives of the Curriculum and the requirements of the society? In terms of its content the curriculum consists of 8 compulsory courses of 6 ECTS each, 4 elective courses 4 of 3 ECTS each and a dissertation of 15 ECTS 5. For the completion of the programme a student needs to successfully complete 75 ECTS in total. If the programme is worth 75 ECTS, then a prerequisite for the acceptance on the programme should be that the candidate has completed an undergraduate course of study worth 240 ECTS. The programme exposes students to fundamental aspects of management and allows them to deepen their knowledge in specific areas by selecting appropriate elective courses. The Committee was satisfied that continuous revision of programme content ensures that changes in the market place are incorporated in the programme. In terms of delivery, the curriculum of the programme is flexible enough to accommodate part-time as well as full-time attendance. With respect to assessment, the combination of coursework and written examinations help attain the learning objectives while the extended dissertation develops enduring research skills. The curriculum is therefore consistent with the stated objectives and provides the advanced scientific background needed within the field of study. In addition, the programme allows students to develop practical expertise through the consulting project and enhance their research skills and capability through the Dissertation. How was the curriculum decided? Were all constituents of the School, including students and other stakeholders, consulted? The curriculum was designed in order to achieve the fundamental objective of providing specialized knowledge to students. This is reflected in the advanced nature of courses that make up the programme. Has the unit set a procedure for the revision of the curriculum? There is a formal procedure for updating programme content through the School Assembly on the basis of the various forms of feedback provided. 4 A student can replace two of the elective courses for a Consulting Project 5 The Student Handbook states that the Dissertation is worth 30 ECTS and the programmes as a whole 90 ECTS

25 IMPLEMENTATION How effectively is the School s goal implemented by the curriculum? How does the curriculum compare with appropriate, universally accepted standards for the specific area of study? Is the structure of the curriculum rational and clearly articulated? Is the curriculum coherent and functional? Is the material for each course appropriate and the time offered sufficient? Does the School have the necessary resources and appropriately qualified and trained staff to implement the curriculum? How effectively is the School s goal implemented by the curriculum? Effective implementation of the goals by the curriculum was evaluated in terms of curriculum content, programme delivery, student pass rates and student perception of the programme, student employability and international orientation. In terms of content and structure the programme endeavours to provide both depth and breadth and the learning process is organized in a pedagogically logical and efficient way. The objectives are implemented through the core and elective courses and the Consulting Project. In terms of delivery and teaching methods, the course is delivered efficiently by allowing full-time and part-time streams to co-exist, and effective use of the electronic platform is also made. The delivery of the programme and the relevance to the needs of the industry is borne out by the successful completion rates, and the high placement rate of its graduates. In terms of student perceptions of the programme, the overall perception, as evidenced by the course evaluation, the exit questionnaire, and comments made by students in the course of their meetings with the Committee, is that of a highquality programme. In terms of pass rates and completion rates, the effective implementation was reflected in the high completion rates, low failure rates in individual courses, and low dropout rates. Finally in terms of employability, graduates of the programme enjoy high employability rates as evidenced by the information provided by the Career s Office. The Consulting Project is a valuable aspect of the course as it offers students the opportunity to collaborate with the industry thus enhancing not only their practical training but their own job prospects as well. In terms of international orientation, this is achieved primarily through the employment of international lecturers and less through the attraction of

26 international students. This is a well-structured and well-resourced programme and greater effort should be made to attract international students. The Committee is in no doubt that the curriculum provides the right framework for the effective implementation of the goals of the programme and the School as stated in the course specification. How does the curriculum compare with appropriate, universally accepted standards for the specific area of study? The curriculum covers all elements of a postgraduate programme in Management and is comparable in terms of coverage with degrees offered by good universities abroad. Is the structure of the curriculum rational and clearly articulated? The structure of the degree in terms of sequencing is rational with the fundamental aspects covered early on and the more advanced aspects later on in the programme. The structure of the programme is clearly articulated in the Course Handbook. Is the curriculum coherent and functional? The curriculum is coherent and functional and facilitates the acquisition of relevant knowledge and skills. The courses are offered in a logical sequence with respect to prerequisite knowledge and the curriculum, as befits a programme in Management, adopts an interdisciplinary approach. Efficient coordination between the internal and external faculty ensures minimum overlapping between courses. Both the Research Methodology Seminars and the completion of the Dissertation allow students to develop enduring research skills. Extracurricular activities include company visits to acquaint students with different working environments and prospective job opportunities, speeches by key business executives and specialised workshops One minor concern of the Committee was the relatively poor student performance in Quantitative and Financial courses, an issue not uncommon in similar programmes in Management universities abroad. The School attributed this to the diverse backgrounds of students and is running a foundation course in Quantitative Methods to bring all students up to the required level.

27 Is the material for each course appropriate and the time offered sufficient? The material for each course is at the appropriate level of difficulty and relevance and is made available on time so that students are able to study and undergo assessment. However, some students expressed the view that, sometimes, the time allowed was not sufficient for the amount of coursework they were required to do. Does the School have the necessary resources and appropriately qualified and trained staff to implement the curriculum? The School has both the academic and support staff to deliver the programme, and the learning infrastructure including library resources, databases, and dedicated laboratories is of the highest standards. In terms of academic resources, the programme is delivered by top-tier visiting faculty complemented by resident academic associates. As far as space is concerned, the University has well equipped lecture rooms, laboratories and a well-stocked library. Library resources are supplemented by an extensive number of databases which allow the conduct of research work in an international context both with regard to coursework and dissertations. Most of these resources can be accessed from home via VPN. The learning support facilities are open 7 days a week and are supported by an extremely dedicated team of IT professionals, course officers and librarians. Both the IT services and the Library provide training to students and staff on demand. RESULTS How well is the implementation achieving the School s predefined goals and objectives? If not, why is it so? How is this problem dealt with? Does the School understand why and how it achieved or failed to achieve these results? How well is the implementation achieving the School s predefined goals and objectives? The School runs a first class postgraduate programme which implements its goals and objectives seamlessly. One reservation that the Committee has is the change of the Entrepreneurship course from a core course into an elective one. The Committee believes that, given the small/medium size nature of the business most students are/will be employed at and that many graduates set up their own businesses, Entrepreneurship should be a core course. A second, and